Equity partnership means owning a stake in the firm with voting rights and profit-sharing, while non-equity partners receive salary/bonus without ownership. Equity partners typically earn significantly more but face greater financial risk and responsibility.
Evaluating firm culture requires a multi-pronged approach combining strategic interview questions, reference checks with current associates, and analyzing concrete data points like turnover rates and advancement timelines. Focus on speaking with attorneys 1-2 years senior to your level and asking specific questions about work-life integration and professional development.
Most lateral partners receive some form of income protection, though the structure varies significantly by firm size, market, and individual circumstances. Guaranteed draws are common but typically decrease over time as partners are expected to build their client base and contributions.
The right time for a lateral partner move depends on market demand for your practice, your book's true portability, and your firm's trajectory. Strong lateral markets and personal growth momentum often align with optimal timing.